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Human capital effects on fundraising for necessity- and opportunity-based entrepreneurs

Author

Listed:
  • Eriko Naiki

    (Doshisha University)

  • Yuta Ogane

    (Nanzan University)

Abstract

This paper examines the effects of human capital on fundraising problems for necessity- and opportunity-based entrepreneurs by using a survey of 3974 new firms in Japan. The major findings of this paper are as follows. First, necessity-based entrepreneurs are more likely to have fundraising problems than opportunity-based entrepreneurs. Second, industry-specific experience contributes to solving fundraising problems for both necessity- and opportunity-based entrepreneurs. Third, necessity-based entrepreneurs with industry-specific experience are less likely to have fundraising problems than opportunity-based entrepreneurs without such experience.

Suggested Citation

  • Eriko Naiki & Yuta Ogane, 2022. "Human capital effects on fundraising for necessity- and opportunity-based entrepreneurs," Small Business Economics, Springer, vol. 59(2), pages 721-741, August.
    • Handle: RePEc:kap:sbusec:v:59:y:2022:i:2:d:10.1007_s11187-021-00596-0
    DOI: 10.1007/s11187-021-00596-0
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    More about this item

    Keywords

    Human capital; Fundraising; Necessity-based entrepreneurs; Opportunity-based entrepreneurs;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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